Joint Statement by President George W. Bush and President Vladimir V. Putin on Development of the U.S.-Russian Energy Dialogue

Last May, we launched an energy dialogue to strengthen the overall relationship between our countries, and to enhance global energy security, international strategic stability, and regional cooperation. Already we can see important benefits from this new aspect of our relations.

A key success in this new dialogue was the first-ever U.S.-Russia Commercial Energy Summit held in Houston in the beginning of October with the participation of both countries' governmental, business and scientific circles. The Houston Summit created new avenues for dialogue and cooperation on energy issues and led to decisions on concrete new investment projects and programs and business arrangements. We thank the more than 70 companies that contributed to its success and look forward to the next energy summit, to be hosted in Russia in 2003.

We also support the further strengthening of relations between the U.S. Department of Energy, the U.S. Department of Commerce, the Ministry of Energy of Russia, and the Ministry of Economic Development and Trade of Russia. We welcome as well the activities of the intergovernmental American-Russian Working Group on Energy Cooperation. We note our Ministers' commitment to educational initiatives to promote best technical and managerial practices.

Commercial cooperation plays the key role in the U.S.-Russia Energy Dialogue. One of the most important results of the Houston Summit was the establishment of the Commercial Energy Working Group. We strongly support the efforts of the American and Russian companies involved to identify new and mutually beneficial commercial opportunities and to take down barriers to trade and investment.

At present, American and Russian companies are working hard to further connect the American and Russian energy markets. We welcome the first delivery to the United States of Russian crude oil in July; the establishment of enterprises that will market Russian energy in the U.S.; and the proposal to build a deep-water port in Russia for energy exports. As a symbolic example of our deepening energy relationship, we note that for the first-time ever Russian crude oil was delivered to the United States Strategic Petroleum Reserve.

Investment is necessary to ensure the further development of Russia's energy and energy transportation sectors. To that end, we welcome several memoranda of understanding recently signed by Russian companies with the Export-Import Bank of the United States, as well as agreements signed with the Overseas Private Investment Corporation.